Top up your electric and gas with our Loyal Saver Loan

"Regardless of how you pay, you should have seen the rates you pay for energy reduce this month, with the introduction of Government's energy price guarantee scheme. Despite this, what you pay could still be higher than last winter, as prices have risen rapidly in the last year." (MoneySavingExpert.com)

According to The Consumer Council, Electric Ireland, the third largest electricity supplier in Northern Ireland, announced on 8th December 2022, it is increasing electricity prices by 23.9% for customers from 1 January 2023.  A very worrying prospect for Electric Ireland customers who may already be struggling with their bills.

In contrast and good news for Power NI customers, Northern Ireland’s largest electricity supplier, is set to decrease its tariff by 14.2% effective 1 January 2023 for over 473,000 households.

Furthermore, according to BBC news, after their 56.3% price hike in September, Firmus energy announced on 6th December 2022, a reduction of 20.52% to their regulated gas tariffs for domestic and small business customers in the Ten Towns area of Northern Ireland, and a 17.6% decrease in the Greater Belfast Network, effective from the 1 January 2023.  Firmus customers have been quoted on a recent Belfast Live article (14th December) expressing how expensive the gas supplier is and the January decrease will still make them the most expensive at the moment.  Some customers were stating they had spent £180 on their gas meter in the last week and half alone, another stated they were able to get 13 units for £20 and that this was disastrous - clearly these prices are not sustainable.

Not everyone can switch their supplier but in some case it might be the best option to reduce costs.  Power to Switch "provide a free, impartial and independent service helping you find a better energy deal." 

Pre-Pay Top Up - Member Feedback

One of our members told us their quick thinking at the "right time" has led to them saving a lot of money on their gas bill this winter, simply by topping up £600 in March 2022 when it was announced prices were going to rocket.  At that time £600 equated 1100 units, they now have 600 units left, which according to the prices now would be equivalent to £500.

They did the same with their electric.  When prices dropped a few weeks ago, they topped up their meter with £500 at 15p per unit, it had been 27p per unit prior to this.  This top up should last them until March without incurring higher tariffs in between times.

A price cap is currently in place on energy until 31st March, with prices set to increase from 1st April 2023.  Updates and information on this can be found on the Ofgem site.

Top up now and save in the long run

Where it may be of benefit, depending on the energy supplier and their rates, customers could save money in the long run by topping up their pay-as-you-go meters now.

Loyal Saver Loan at 3.9% 

Need some help topping up right now?  We offer members a Loyal Saver Loan at a highly competitive rate of 3.9%.  Ts and Cs apply.  If eligible members can take out this loan to the value of their savings (maximum £25K) over a period of 6 - 60 months.  You can find out how much a loan may cost you monthly by trying out our LOAN CALCULATOR here.

Members can contact us Monday - Friday 9am - 5pm.  Just to note our deadline for loan applications prior to the Christmas break will be 10am on Friday 23rd December (office closes at 1pm on this date).

Email creditunion@harpandcrown.co.uk or phone 028 9068 5198.

“Save regularly and borrow only what you need.”